InfoAnda - Oil hovers near 4 1/2-year low despite OPEC cut

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Nokia Siemens delays Motorola purchase | 10 March 2011
Rare Superman comic to be auctioned online | 27 February 2009
Indonesia confirms Bali bomber killed | 10 March 2010

Lebanon to raise Israel spy charge at U.N. | 22 July 2010

">Forum Views () ">Forum Replies ()

Read more with google mobile : Oil hovers near 4 1/2-year low despite OPEC cut

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Oil hovers near 4 1/2-year low despite OPEC cut By PABLO GORONDI,Associated Press Writer AP - 1 hour 12 minutes ago Oil prices hovered near 4 1/2-year lows Thursday as persistent investor pessimism over global crude demand outweighed the news of OPEC's largest-ever production cut. Light, sweet crude for January delivery edged up 47 cents to $40.53 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. Earlier, it fell as low as $39.19 _ a level not seen since at least July 2004. Overnight, the contract fell $3.54 to settle at $40.06 a barrel, after touching $39.88. The Nymex contract for February delivery, which analysts said better reflected oil price trends, was up 82 cents to $45.43 a barrel. "WTI for January expires tomorrow and ... the expiring contract can go anywhere," said Olivier Jakob of Petromatrix in Switzerland, referring to West Texas Intermediate, the type of crude oil used for the Nymex contracts. "As a world benchmark, January WTI needs to be ignored and the focus kept rather either on February WTI or February Brent," Jakob said. In London, February Brent crude rose 75 cents to $46.28 a barrel on the ICE Futures exchange. The 13-nation Organization of Petroleum Exporting Countries, which accounts for about 40 of global oil supply, said Wednesday it planned to reduce its output quotas by 2.2 million barrels a day. But markets had already expected a vastly reduced flow of oil and traders focused instead on troubling economic data that points to a long and severe global economic slump. "The market apparently had already priced in this cut," said Peter McGuire, managing director at investment firm Commodity Warrants Australia in Sydney. "I think OPEC will have to have another meeting in January, and I wouldn't be surprised to see possibly a 3 million cut next time." OPEC's next official meeting is scheduled for March. The group had already announced cuts totaling 2 million barrels earlier this year, also with little effect. The unprecedented production cuts and the market reaction show just how fast energy demand has fallen during the worst economic downturn in at least a generation. Oil prices have tumbled 73 percent since July. What started as a crisis in the U.S. sub-prime mortgage sector last year has mushroomed into a recession in most developed countries and a sharp downturn in emerging nations. Companies across the world are laying off workers and banks are reluctant to lend. Plunging property values and high debt levels have led many consumers to pull back spending. "I'm worried about growth," McGuire said. "You have to get people spending." Oil prices may fall as low as $35 a barrel during the next few weeks, he said. U.S. crude inventories rose slightly last week and gasoline reserves increased as demand stayed below year-ago levels, according to government data released Wednesday. Analysts had expected crude stocks to fall 900,000 barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. In other Nymex trading, gasoline futures were up 3.25 cents to $1.0380 a gallon. Heating oil was up 4.1 cents at $1.4835 a gallon while natural gas for January delivery fell 0.5 cent to $5.614 per 1,000 cubic feet. ___ Associated Press writer Alex Kennedy in Singapore contributed to this report. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike Kazakh KazMunaiGas may cut 2009 oil outputReuters - 45 minutes ago Oil hovers near 4 1/2-year low despite OPEC cutAP - 1 hour 12 minutes ago Russian oil output will decline as demand fallsReuters - 1 hour 37 minutes ago OPEC cut fails to rally oil price in global downturnAFP - Thursday, December 18 Related Articles: Business India's new oil subsidy plan by mid-Jan - sourcesReuters - 20 minutes ago Euro zone imports and exports fall, outlook grimReuters - 24 minutes ago Jobless claims expected to stay near 26-year highAP - 25 minutes ago Energy, bank stocks lead European shares lowerReuters - 26 minutes ago Turkish lira gains 2 pct, rate cut eyedReuters - 32 minutes ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed 'Dark energy' expands, contracts universe: researchers Actress Jennifer Aniston appears naked in GQ magazine Bush laughs off Iraq flying shoes drama US doctors hail near-total face transplant Dollar dives to 13-year low against yen after Fed cut View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

Other News on Thursday, 18 December 2008
Taiwan district court ordered to reconsider ex-leader's release
Japan stocks rise but yen worries limit gains
UBS targets 20-plus pct growth in Taiwan in '09
Lindsay Lohan fan arrested at Scottsdale nightclub
Angola president signs agreements with China
Pakistan pressures India over Mumbai evidence
Indian parliament agrees tough new anti-terror laws
EU assembly awards prize in absentia to Chinese dissident
UN chief in Afghanistan: Protect civilians
Austrian AC/DC concert sells out in minutes
No charges in alleged thefts from Beckham house
SKorean actress found guilty of adultery
Britain's Christmas pantomimes laugh off credit crunch
Fewer drink drivers arrested this year, but more fatal accidents
Iraqi parliament in turmoil over shoe tosser
cuts user data storage time to 90 days
As going gets tougher, Americans discover laughter
With Olympics over, China re-blocks some Web sites
Soulja Boy apologizes for his potty mouth
EU parliament prevents screening of anti-Islam film
'Canadian Idol' canceled in 2009
700,000 Swedes involved in Internet file sharing: study
Honda sets up hybrid battery venture despite slump
Christmas travel in US set to post first drop in six years
NKorean dance troupe takes Vietnam stage
Indian jewellers seek help to regain lost lustre
France on terror alert for hectic Christmas period
Joint operation between CNB and M’sia counterpart leads to 17 arrests
Slowdown leaves mark on mink market as sales tumble
NKorean dance troupe takes Vietnam stage
Pakistan demands India provide Mumbai evidence
Microsoft releases emergency patch for IE
Navy commander questions land attacks on pirates
US hard drive maker to cut 2,500 jobs
Army says Gaza militants fire 9 rockets at Israel
Winnie-the-Pooh drawings fetch 1.26-mln-pounds at auction
Hip-hop's Akon admits throwing fan off stage
Simon Cowell's got Beyonce, Britney on his mind
Darwin Claus comes to town in US artist's atheist cards
Aretha Franklin, Yo-Yo Ma to perform at Obama inauguration
Palestinian killed after rocket fire raises concern over Gaza truce
U.S. Somalia peacekeeping idea hits resistance at U.N | International |
Israel issues new warning on Iranian nuclear arms
Nicaragua's Ortega begins Moscow visit
Apple shares down after Jobs pulls out of MacWorld
Afghan police must fight crime, not Taliban: ICG | International |
Bethlehem mayor: Pope to visit in May
EU parliament approves climate change package
Chrysler halts manufacturing as clock ticks on gov't bailout
Venture capitalists brace for grim 2009
U.N. court to rule on Rwanda genocide planners | International |
Dollar dives to 13-year low against yen after Fed cut
Doctors hail first US face transplant
Indonesia's corruption-busters take on the tomcats | International |
NBC's 'Superstars of Dance': a global competition
UN chief calls 2009 'year of climate change'
WITNESS: A stroll through the factory of death in India's Bhopal | International |
Algerian jailed for 3 years for fighting in Iraq
Madoff due in court for Wall Street fraud
Banker's spat with author reveals Russia's rifts | International |
Global markets mixed after steep US interest rate cut
Turkey detains 15 suspected al Qaeda members | International |
Latin America leaders demand US end Cuba embargo
NKorea's Kim inspects steel plant, agency says
Top US Mideast diplomat quits
Australia's PM visits troops in Afghanistan
Ban calls on Zimbabwe to receive his envoy | International |
US drug package to help Mexico find fake passports
S.Korea c.bank to lend banks $4 bln via Fed line
No proof of Pakistan link to Mumbai attacks: Zardari
UN chief calls 2009 'year of climate change'
Nissan to cut production, temporary workers
Australian PM pays surprise visit to Afghanistan
IG report says Blackwater may lose license in Iraq
EU parliament approves climate change package
Seoul shares open up as techs, airlines advance
Moderate earthquakes shake New Zealand
US official: Russians intend to test Obama on arms
Goldman Sachs agrees to Panasonic's Sanyo offer: report
US court orders curfew, electronic tag for Madoff
NZ fiscal, economic outlook much worse
Madoff's New York court hearing cancelled
Russia to deploy new missiles by 2020: military
Honda slashes forecasts as auto turmoil deepens
Crude prices tumble despite record OPEC cuts
Troubled automaker GM opens new plant in China
Venezuela to cut oil output by 189,000 barrels
Philippines and Qatar to set up billion-dollar investment fund
Oil tumbles below $40 for first time since 2004
Indian IT firm Satyam cancels Maytas acquisition
Meltdown 101: Why OPEC moves aren't hitting prices
Oil tumbles despite huge OPEC production cuts
Small Azerbaijan floats massive oil output cuts
OPEC cuts record 2.2. million barrels a day
OPEC backs output cut of 2.2mln barrels a day: president
WRAPUP 2-Azerbaijan, not Russia, offers OPEC oil cut
Heavy-metal headbangers are twixt rock and a neck brace
Jim Carrey wants laughter to lift economic gloom
Latin leaders joke about Bush shoe attack | International |
U.S. cell-only households keep climbing | Technology |
Medicare to pay doctors to embrace e-prescribing | Technology |
Portable devices give cloud new clout | Technology |
Father offers daughter to shoe-thrower | Technology |
Jobs won't deliver Macworld keynote | Technology |
ESPN launches sleeker site in bid to boost ads | Technology |
Man arrested for grabbing Lindsay Lohan | Entertainment |
Rowling charity book fastest selling title of 2008 | Entertainment |
Will Smith flexes acting muscle in Seven Pounds | Entertainment |
Obama is Time Person of the Year; who are runners-up? | Entertainment |
Jim Carrey says Yes to comedy again | Entertainment |
Taylor Swift flies high on chart as sales slide | Entertainment |
Affleck, Jagger release film for Congo appeal | Entertainment |
NZ repeals ban on carbon-fueled power plants
UN chief in Afghanistan: Protect civilians
Cops: McCready hospitalized after suicide attempt
Global stocks mixed as post-US rate cut euphoria falters
New PM vows to fix "failed" Thai politics
2 light planes collide in Australia; 2 dead
Five troops, separatists killed in Philippine clashes
Getty endowment drops by 25 percent
Two killed after planes collide in Sydney
Kerry: US must win hearts, too, in Afghanistan
35 Iraqi officials arrested over coup plot: report | International |
Latin America leaders tell Obama to end Cuba embargo | International |
Chrysler wants to revive merger talks with GM: report
China's President Hu urges growth and stability | International |
U.S. Somalia peacekeeping idea hits resistance at UN | International |
2 bomb blasts hit south Philippine city, killing 2
Sri Lanka claims capture of rebel fortifications
New Thai PM launches charm offensive
Hu Jintao pledges open China amid 30-year celebration
30 years transform China, but not its politics
AVA lifts suspension on import of China milk products
Tata signs sponsorship deal with Ferrari
Nepal faces severe power cuts
OPEC cut fails to rally oil, demand remains weak in global downturn
NKorea warns of tougher steps at Seoul-funded estate: reports
FACTBOX-A look at South Korea's bank recapitalisation fund
New Thai premier says he will visit Thaksin stronghold
Dominant All Blacks rebound from rugby World Cup nightmare
Paul McCartney, Britney Spears top Idol wish list | Entertainment |
SKorea to create 15 bln dlr fund to bolster banks
RPT-TOPWRAP 1-Japan seen cutting rates, OPEC cuts don't lift oil
Sri Lanka says Tiger defences captured
Monroe photo, Newton photo set records in New York | Entertainment |
New Thai premier urges Thaksin to return
OPEC cut fails to rally oil, demand remains weak in global downturn
Study: Young people watch less TV | Entertainment |
SKorea's Hynix plans to cut output by up to 30 percent
OPEC agrees to slash output but oil price sinks
Australian miner's shares climb after bailout news
Berlin's kiddie sidebar features drugs, hookers | Entertainment |
Hugh Hefner's sons say Playboy needs new direction | Entertainment |
Long-lost World Series game perfect start for MLB | Entertainment |
New Zealand turning possum pest into luxury business
You're invited to the Hiltons' Christmas party
Film workers protest against strike at SAG meeting
From opera to pop, live arts test new business model on screen
Migratory birds face peril in Lebanon sanctuary
Spanish stuff 'Fat One' Christmas lottery, despite slowdown
Fox TV producers asked to trim budgets 2 percent
Afghans from north and south fight it out with dogs
New Zealand turning possum pest into luxury business
Montag, Pratt nuptials questioned
Israel's ruling party selects election candidates
British folk musician Davy Graham dies
India halts sport tour to Pakistan
Iraq arrests dozens over coup plot: officials
Rwanda's Bagosora sentenced to life for genocide | International |
Israel's ruling party holds national primary
Britain to pull troops from Iraq from May 31 latest | International |
Zimbabwe cholera death toll passes 1,000: UN
India seeks to soothe public with new terror law | International |
Iraqi officials arrested for plotting coup: report
NATO and Russia to resume high-level contacts Friday | International |
Iraq PM office says shoe-thrower apologizes | International |
Livni moderates dominate party's election list | International |
Madoff under house arrest as fraud probe intensifies
Thomson Medical, oncologist to set up Thomson Women’s Cancer Centre
Death toll tops 1,100 from Zimbabwe cholera | International |
Taiwanese party chief to meet Chinese counterpart
U.S. cell-only households keep climbing | Technology |
Falling oil prices may cushion recession blows
Japan, Australia sign cooperation pact
LinkedIn founder Hoffman replaces Nye as CEO: report | Technology |
China cuts fuel price, raises tax
China protest decries custom of eating cats
Pakistan stocks fall to over 3-year low, rupee flat
Lenovo says will not buy Positivo now | Technology |
About 300 teens audition to host, commentate at Youth Olympic Games
Pakistan's foreign reserves rise to $9.34 bln
White, Phelps spin Olympic gold into videogames | Technology |
Visits to jailed China activist curbed after award
World Bank's Zoellick warns Asia of protectionism
Chinese housing activist sentenced to 2 years
Asia investors watch for rate cut, nudging up stocks
Two dead, 36 hurt in Philippines store bombings
Kazakh KazMunaiGas may cut 2009 oil output
HK stocks up amid China stimulus hopes
Ericsson says wins broadband order in Nigeria | Technology |
NTU to set up first Kauffman Campus in Asia to boost entrepreneurship
Oil hovers near 4 1/2-year low despite OPEC cut
Sharp fined for fixing display panel prices
Russian oil output will decline as demand falls
WRAPUP 2-S.Korea to set up bank recapitalisation fund
Man arrested for grabbing Lindsay Lohan | Entertainment |
OPEC cut fails to rally oil price in global downturn
Taiwan dlr at 2-mth peak on near-zero U.S. rates
LUKOIL CEO sees $70-90 as fair oil price
Piven leaves Speed-the-Plow, blames mercury count | Entertainment |
Neil Young unleashes raw power at New York show | Entertainment |
Morrissey signs U.S. deal with roots label | Entertainment |
Bollywood planning movies about Mumbai attacks
NAACP report find TV networks lagging in diversity
Death of Mark Ruffalo's brother ruled a homicide
Little Nyonya wants you to judge her!
73% of students who sat for Normal (Academic) exam eligible for Sec 5
Man Utd overpower Gamba in 5-3 classic
Legal limbo for Mumbai attacker could be unlawful: rights group
SKorea plans to help banks boost capital
Japanese shares rise on rate cut speculation
Zurich Intl re-enters Taiwan's insurance market
China shares rise on moves to boost real estate
SKorea's POSCO plans first-ever output cut
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01